Forum Replies Created
Thanks for the replies thus far.
From reading the responses I have come to this conclusion:
The trustee (individual or Pty Ltd) would purchase a property on behalf of the Trust (and sign the contract as such). The trust effectively owns the property however in the event of a problem (i.e Trust not being able to pay mortgage) the trustee has LEGAL ownership and would then be responsible to make good the payments.
Can anyone confirm this???
I also have one other question.
If one of the beneficiaries of Trust A is Trust B what is the tax implication for passing income from Trust A to Trust B and holding a portion of that income within Trust B and passing some to a beneficiary of Trust B?
Hope I haven’t confused anyone.[biggrin]
Thanks
Mulder
Thanks to you both.
I am based in NSW to there goes that idea.
Does anyone know if it possible to do this in QLD.
Regards
Mulder
Hi all,
I have found reading this thread though provoking and it has sparked an intrest in doing some further research on this topic.
Can anyone provide any leads to Websites, books etc on using options to by and sell property.
Thanks
MulderHi all,
We bought in North Frankston end of last year. Sure the area may not be so desirable but people still need somewhere to live. Given that the Frankston area is only approx 40km from city, on the coast, and the new freeway making travel time shorter, I am taking a “calculated risk” in the purchase.
My 2 cents worth is that the surrounding suburbs have increased over the last 4-5 years and there is significant commercial interest developing in the area it could be a good bet.
However Buy, rent & hold does not give the returns. You will need to be creative in structuring the deal.
Mulder
Going for broke,
I can understand your situation.
We are in similar circumstances with 2 IP’s slightly -ve geared, own home and now thanks to Steve’s books motivated to sort it out. We are currently in the midst of consolidating and selling one of the IP’s (worst performing). Looking at adding value or possible wrap for the other.
Crunching the numbers for selling our own home to unlock the 50% equity or paying rent in our area.
Big moves which are a little scary because we’re no experts in investing in property, but the fun is in the journey not the destination.
mulder
All that replied to my Post.
It took a little while, however I the response has been great and I have received a number of PM. I am also finding out what a great resource this fourm is.
I will be contacting some of you soon.
Thanks to you all.
mulder.
Hi,
I am currently reading Steves 2nd book and agree the Buy, Rent, Hold strategy is extremely difficult to come buy, you still may find the odd one in a wayout town.
In the current market other than parts of WA, Steve’s suggestion is to create more deals on a short term, rather than long term. More like trading property through the strategies that DrX has mentioned.
Conducting some research into these strategies and focusing in one that appeals to you maybe a way to start. However all the theory in the world doesnt account for the practical expereince you gain by giving it a go.
Good Luck
mulder
mulder
gamay,
There are different requirements and legislation for the handling of asbestos materials within each state.
NSW for instance – A licesned Asbestos removalist is required where the amount of asbestos equals and exceeds 200m2. Under this amount you are able to remove yourself however it needs to be done in accordance with the OHS Regulation 2001.
Whilst you dont disturbe the asbestos sheeting it is safe and quite durable.
Disposal is also a bit of problem, some tips take it and others dont.Regards
MulderThanks both of you,
As always there are so many variables, I agree at some point I am going to have to live with and be happy with a certain amount of risk.
My invisaged path is for positive cash flow investments with a focus on Lease Options (yet to find one though) and then perhaps development at a later stage.
The search now continues for an account and/or solictor to assist with the setup.
This forum has been a great help thank guys.
Mulder
Thanks for the advice Terryw, Cata, hb and redwing,
I have been away from the PC the last couple of days.
Your advise has confirmed a few things for me, I have sought have come to the conclusion on the following setup.Set up a discretionary trust, and have a company as the trustee of the trust, with myself and other family memebers beneficiaries, finance can then be applied for using the company structure.
The only question I have with this setup is, I would need to be a director of the company in order to achieve finance, as a director arent I still exposed personally?
Regards
MulderHi SK2,
We to have been looking in that surrounding area (approximately 20km within CBD) over the past 6 months. These were our findings (take them how you like).
– If you are after capital growth this area including, kingston, Slacks Creek, logan central and Woodridge have room to move.
– These areas are generally lower income and do have a fair bit of public housing, particulary woodridge.
– Estate agents in the area have indicated some problems with tennants paying rent. (This is more their tennant selection than anything else).
– Our prefered suburb was Slacks creek for the following reasons. 1) Slacks Creek is positions just across the hwy from Springwood, Daisy Hill and Shalier Park whish have expereinced growth. 2) there is pretty good access to all your shops, industrial homewares and transport etc. 3) Land size and value is a better than the suburbs west of the hwy.
– med house price is around 195K – 205K. At this point the right deal has not come through yet but we continue to search.
Regards
Mulder
